Tunisian tycoon Habib Essayeh, who is the CEO of Euro-Cycles, has experienced a substantial financial setback in recent times from his stake in Euro-Cycles amid a sustained sell-off on the Tunis Stock Exchange, which has triggered a double-digit percent slump in the company’s shares.
Data compiled by Billionaires.Africa revealed that Essayeh, who derives his wealth from diverse investments, has suffered a significant loss of $1.70 million since the start of August as a result of the decline in the market value of his stake in Euro-Cycles.
Euro-Cycles, a Tunisian automotive company specializing in the production of customized bicycles and cycles exclusively for export, has suffered a significant decline in its valuation in recent times.
Essayeh, a leading businessman and executive who serves as the CEO of Euro-Cycles, a Tunisian automaker that focuses on producing bicycles and cycles solely for export, owns a sizeable 33.6-percent stake in the Tunis-based firm.
Since the start of August, Euro-Cycles’ shares on the local exchange have declined from TND16.10 ($5.174) per share on Aug. 1 to TND14.49 ($4.657) per share on Aug. 29. This decline has resulted in a 10-percent loss for shareholders.
The current market value of Essayeh’s stake in the Tunis-based automotive enterprise has declined from TND53.02 million ($17.05 million) on Aug. 1 to TND47.72 million ($15.34 million) at the time of writing this report.
The recent decline in the market value of Essayeh’s stock translates into a substantial loss of TND5.30 million ($1.70 million) for the accomplished businessman since the start of August.
In light of the recent dip in the market value of his holdings, Essayeh perseveres as one of the most affluent investors on the Tunis Stock Exchange.
His adept strategic investments, coupled with his far-sighted leadership, are poised to consistently mold the trajectory of Euro-Cycles’ growth and expansion.